Market snapshot

Office Market Pulse Sheffield Q1 2013

Findings from our latest Sheffield Office Market Pulse show a dramatic uplift in occupier activity in both the city centre and out of town markets. All the deals completed were for grade B and C space, indicating that location is increasingly becoming a driving factor for occupiers.

Promising start to 2013 for Sheffield’s city centre and out of town office markets

After a slow final quarter in 2012, Sheffield city centre office take-up increased by 52% in Q1 2013, to reach 36,662 sq ft (Q4 2012: 19,379 sq ft). This figure is down by more than a third on the same quarter last year (Q1 2012: 57,490 sq ft).

Out of town, there was a dramatic uplift in activity, with a first quarter take-up of 23,480 sq ft - more than double the same period last year (Q1 2012: 10,450 sq ft).

This brings the year-to-date total for the Sheffield office market to 60,142 sq ft, 11% down on the same period last year (Q1 2012: 67,940 sq ft) but more than double that recorded in the final quarter of 2012 (Q4 2012: 29,207 sq ft).

For a detailed breakdown of Sheffied city centre and out of town take-up by grade for Q1 2013, please click here or on Chart 1 to the left of this article.

Total supply in the Sheffield office market currently stands at 811,976 sq ft, of which only one third is of grade A quality.

Despite this, grade A availability has been maintained, with all of the deals completed in Q1 2013 for grade B/C space.

Recent months have seen a trend for grade B/C space being converted to alternative uses, including re-development for residential and student accommodation, which will cause secondary stock levels to decline substantially in the next 6-12 months.

For a breakdown of Sheffield city centre and out of town office supply by grade for Q1 2013, please click here or on Chart 2 to the left of this article.